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Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
 It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has been set alight, said Allied Shipping in its latest weekly report.
According to George Lazaridis Head of Market Research & Asset Valuations of Allied, there has been a growing bullish vibe being felt for several months now in this sector, generated by the successive decreases being seen in the orderbook-to-fleet ratio during the course of the past year and all indicators in the freight market pointing to an improved balance. He further noted that the order book to fleet ratio for the dry bulk segment as a whole has now dropped to 7.72%, the lowest figure we have seen in over two decades now. This plays an important role in dissipating concerns over the glut in tonnage supply that we have seen in the market, though this is only half the picture. During the course of 2016, many viewed the excessively low earnings being a directly caused by the excessive number of new buildings being delivered. Having witnessed both the drop in the order book and at the same time a considerable improvement in freight rates, one can easily make the presumption that the supply-demand balance in the market is improving and at a fairly good pace. During the course of 2017, freight rates have held at levels well above what we were seeing back in 2016 and even 2015, while the recent rally that boosted the Baltic Dry Index to above 1,000 points before the start of the grain season in the Atlantic, has only re-enforced the bullish views that have been held by many in this regard.
George Lazaridis further said, it is no surprise therefore that we have seen buyers quickly flocking back into the secondhand market with fears that they will “lose” the opportunities that are still present in the market. Despite the fact that prices have on average risen by around 50% since the low levels of March 2016, asset prices can still be considered to be fairly competitive compared to what we have seen historically since the late 90’s. As such and with earnings now providing the promise of better returns and positive cash flows for new purchases, you can see that there is excess possibility for further price gains to be noted over the coming months. What’s more is that during the time period where we faced some of the biggest difficulties in the freight market, newbuilding prices continued to hold at abnormally high levels compared to equivalent periods in the past. As such secondhand asset prices are at an even higher the normal discount against what it costs to construct a similar vessel. This leaves the conclusion that if earnings continue to stay at “good” levels it will be hard to see similarly low price levels in the future for similarly aged vessels.
All these conclusions are based on the assumption that we have reached a balance in the market and that demand will continue to grow at least at its current momentum, allowing for a continual improvement in the freight market, said George Lazaridis.
This is a fairly big if however, especially if you take a closer look at the volatility being noted in the commodity markets and the general uncertainty being played out in many of those economies that play a vital role in seaborne trade. Further shocks could derail this balance and bring another round of “pains”. Although this does need to be of concern, it seems that even if these negative scenarios play out their consequences to the market would be more minor and short-term then what similar events have caused in the recent past. As such one can’t blame those optimists out there and given the relatively lower risks that are in view, there are fair grounds to claim that opportunities are now much better than most that we have come by in the past 5 years.
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Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
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